EDITORIAL: Fixing Ontario's hydro woes starts at Hydro One
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Ontario PC leader Doug Ford’s commitment to turf Hydro One’s board and its “$6-million man” CEO won’t fix this province’s energy troubles.
It won’t help seniors struggling to pay the highest energy bills in Canada, bills that have tripled since the Liberals won power in 2003.
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It won’t stop manufacturers from fleeing this province because of high energy prices, or bring back the 75,000 manufacturing jobs lost under the Liberals.
It won’t repair the profound structural damage done to the province’s electricity sector or address the Liberal government’s wasteful green energy schemes that have needlessly cost taxpayers and hydro ratepayers billions of dollars.
Ford isn’t saying it will.
But this is what real change looks like.
Real change isn’t about using bumper-sticker slogans like “Fair Hydro Plan” to justify costly and indefensible mismanagement and save the government from political extinction.
It’s about making difficult and unpopular decisions that actually serve consumers and taxpayers and that encourage affordable services and business and economic growth.
Ford specifically plans to change the leadership at Hydro One and fire President and CEO Mayo Schmidt, who takes home $6 million annually, which is a first good step.
“It’s morally indefensible, at a time when seniors are fearful of heating their own homes, when businesses are closing down and good jobs are moving out of the province and when taxpayers are facing financial hardships — all due to skyrocketing hydro bills — that the board and this CEO are laughing themselves to the bank,” he said Thursday.
Because the province both owns 47.4% of the common shares of Hydro One Ltd. and regulates the electricity sector, he’s got the tools to make good on his promise.
But the difficult task will be fixing Ontario’s costly, unreliable and uncompetitive electricity sector.
The Liberals have already spent the $9.2 billion in profits they made from the ill-advised sale of Hydro One.
They’re spending $39.4 billion to give hydro ratepayers a temporary, vote-buying 25% discount on the eve of an election.
They’ve overpaid $9.2 billion over 20 years for wind and solar power and are losing $1 billion annually dumping unneeded green energy below cost to neighbouring markets.
Ford’s right to pull the plug on a CEO and board who don’t seem to see lower hydro prices as a priority.
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